SMB vs. YCS
SMB (VanEck Short Muni ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SMB returned 1.55%/yr vs 12.16%/yr for YCS. At a correlation of -0.16, they often move in opposite directions. SMB charges 0.20%/yr vs 1.00%/yr for YCS.
Performance
SMB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.61% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, SMB has underperformed YCS with an annualized return of 1.55%, while YCS has yielded a comparatively higher 12.16% annualized return.
SMB
- 1D
- 0.06%
- 1M
- 0.58%
- YTD
- 0.61%
- 6M
- 1.34%
- 1Y
- 3.87%
- 3Y*
- 3.58%
- 5Y*
- 1.19%
- 10Y*
- 1.55%
YCS
- 1D
- 0.00%
- 1M
- 3.39%
- YTD
- 7.17%
- 6M
- 10.02%
- 1Y
- 34.99%
- 3Y*
- 20.03%
- 5Y*
- 23.54%
- 10Y*
- 12.16%
SMB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.61% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between SMB and YCS is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.16 |
The correlation between SMB and YCS shifts across timeframes, from -0.30 (5 years) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMB vs. YCS — Risk / Return Rank
SMB
YCS
SMB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) and ProShares UltraShort Yen (YCS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SMB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.38 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 4.23 | -0.91 |
| Martin ratioReturn relative to average drawdown | 9.34 | 13.22 | -3.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMB | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.06 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 1.12 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.64 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.33 | +0.09 |
Drawdowns
SMB vs. YCS - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SMB and YCS.
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Drawdown Indicators
| SMB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -49.56% | +36.92% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -8.30% | +7.13% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -23.05% | +21.25% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -27.32% | +19.84% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -27.32% | +14.68% |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -19.93% | +18.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 2.65% | -2.24% |
Volatility
SMB vs. YCS - Volatility Comparison
The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while ProShares UltraShort Yen (YCS) has a volatility of 2.62%. This indicates that SMB experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 2.62% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 12.31% | -11.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 17.18% | -15.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 21.09% | -18.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 19.01% | -14.75% |
SMB vs. YCS - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
SMB vs. YCS - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.69%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 2.69% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMB and YCS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.62%) compared to SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.16% vs 1.55% for SMB. On fees, SMB is cheaper at 0.20% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 12.16% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMB is cheaper with a 0.20% expense ratio, compared with 1.00% for YCS.
SMB has the higher dividend yield at 2.69%, compared with 0.00% for YCS.
SMB is categorized as Municipal Bonds, while YCS is Leveraged Currency. SMB tracks Bloomberg AMT-Free Short Continuous, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.20% for SMB and 1.00% for YCS.
SMB currently has the higher Sharpe Ratio (2.37 vs 2.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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